AutoZone Inc Stock Forecast
Red day on Friday for AutoZone Inc stock after losing 0.334%
(Updated on May 03, 2024)
The AutoZone Inc stock price fell by -0.334% on the last day (Friday, 3rd May 2024) from $2,962.09 to $2,952.20. During the last trading day the stock fluctuated 1.26% from a day low at $2,949.82 to a day high of $2,987.11. The price has fallen in 6 of the last 10 days and is down by -1.12% for this period. Volume has increased on the last day by 25 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 100 thousand shares were bought and sold for approximately $296.31 million.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $2,892.76 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 7.53% during the next 3 months and, with a 90% probability hold a price between $3,110.48 and $3,601.03 at the end of this 3-month period.
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AZO Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The AutoZone Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $2,958.22 and $3,052.66. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 22, 2024, and so far it has fallen -8.86%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for AutoZone Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $2,756.34 and $2,731.66. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, AutoZone Inc finds support just below today's level at $2,756.34. If this is broken, then the next support from accumulated volume will be at $2,731.66 and $2,680.00.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $37.29 between high and low, or 1.26%. For the last week the stock has had daily average volatility of 1.49%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AZO) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect AutoZone Inc to open at $2,963.04, and during the day (based on 14 day Average True Range), to move between $2,900.34 and $3,004.06, which gives a possible trading interval of +/-$51.86 (+/-1.76%) up or down from last closing price. If AutoZone Inc takes out the full calculated possible swing range there will be an estimated 3.51% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2,954.99 (0.09%) than the support at $2,756.34 (6.63%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is AutoZone Inc stock A Buy?
The AutoZone Inc stock holds several negative signals and despite the positive trend, we believe AutoZone Inc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.097 Sell Candidate Unchanged
Predicted Opening Price for AutoZone Inc of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $2,963.04 ( 0.367%) | $2,952.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AZO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3,000.33 | 1.63 % | |
| R2 | 2,986.09 | 1.15 % | ||
| R1 | 2,977.29 | 0.85 % | ||
| Current price: | 2,952.20 | |||
| Support | S1 | 2,948.80 | -0.115 % | |
| S2 | 2,940.00 | -0.413 % | ||
| S3 | 2,925.75 | -0.90 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3,187.38 | 7.97 % | |
| R2 | 3,011.62 | 2.01 % | ||
| R1 | 2,954.99 | 0.0945 % | ||
| Current price | 2,952.20 | |||
| Support | S1 | 2,756.34 | -6.63% | |
| S2 | 2,731.66 | -7.47% | ||
| S3 | 2,680.00 | -9.22% |
FAQ
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